KIEV, Ukraine - In what was seen as a vote of confidence in Ukraine, the Swedish retailer IKEA announced its decision to establish presence in Ukraine.

In the announcement, that was made during a visit to Kiev by a senior IKEA executive, the Swedish furniture giant said that it would set up its first store in Ukraine next year.

Making the announcement, Stefan Vanoverbeke, IKEA chief executive for southeastern Europe, told reporters, "It's the right moment for IKEA to be here, when we look at the business climate and the opportunities."

While the company said that it decided to set up operations in Ukraine due to its improved business climate, it has not revealed any further details regarding the the size of the investment it plans to make in the country or how many stores it plans to open.

However, IKEA's decision was welcomed by the country's government, that has been trying to get rid of the image of entrenched corruption that has keep foreign investors away for years now.

Welcoming the move, Ukraine's President Petro Poroshenko said it was a vote of confidence in Ukraine.

Poroshenko said in a statement, "I think that the investment boom that is taking place today is a bright sign of confidence in Ukraine by global investors."